Aksia, the research and advisory services provider to the hedge fund industry, says in its latest annuals survey of institutional hedge fund managers that liquidity and financing are areas that are becoming more challenging.

The survey, which polled 187 managers representing more than $1trn in AUM, suggests that the percentage of managers who report a deterioration in financing conditions has doubled since last year, to 17% from 8%. This deterioration rate is now triple the level of the 2013 survey. A third of all respondents said that “liquidity conditions in their markets have worsened since last year,” Aksia notes.

Other key findings include:

87% of managers say new AIFMD requirements are creating significant challenges for their firms, with a majority (59%) reporting that they are fully reliant on reverse solicitation in European countries.

Managers stating that high-frequency trading has zero impact on their strategy’s performance increased from 62% to 82%. Given the uproar about HFT in 2014, this finding was surprising. Those believing HFT has a negative impact dropped from 27% in the 2013 survey to only 11% in 2015.

Despite the headlines around the growth of liquid alternatives, the survey finds no change in the number of hedge fund managers offering UCITS or ‘40 Act products.

Janet Yellen tops Santa’s ‘Naughty or Nice’ list with 68% of respondents voting to give her an iPhone 6 in her Christmas stocking while the US Congress receive a stocking full of coal (95% negative), even more than President Putin (93% negative).

“This year’s survey shows a surprising degree of consensus views across the industry with regards to markets, business choices, and policy makers. Perhaps this foreshadows a boring 2015, or it could foreshadow the potential for large shocks in 2015 from inevitable market surprises,” said Jim Vos, CEO of Aksia.